Weekly News Wrap Up
U.S.-China tensions escalated last week as China announced export restrictions on two metals (germanium and gallium) that are key to manufacture electronics and semiconductors, and the Biden administration reportedly planning to impose restrictions on Chinese companies’ access to U.S. cloud-computing services. Elsewhere, minutes from the U.S. Fed’s June policy meeting confirmed its hawkish-tilt with most participants expecting an eventual tightening of policy. The week closed with mixed U.S. employment data with strong ADP employment and cooler non-farm payroll numbers.
Overall, U.S. equity markets took a breather last week as strong economic data raised the prospects for further rate hikes: SPX -1.16%, DJIA -1.96% and NASDAQ -0.92%. Similarly, cryptocurrency majors BTC -1.46% and ETH -3.83% as euphoria from the recent spate of spot Bitcoin ETF applications cools with momentum (RSI) normalizing to neutral levels on both a 4-hourly and daily timeframe.
- The U.K.’s House of Lords passes a bill to help seize and freeze crypto used for illicit activities. The Economic Crime and Corporate Transparency Bill introduces measures to assist law-enforcement agencies to crack down on crypto used for crime.
- The Monetary Authority of Singapore ordered crypto firms to keep customer assets in a trust by end-2023. It also restricted the provision of lending and staking services to retail customers.
- Singapore and Thailand crack down on crypto staking. The latter announced that it was banning lending and staking services effective 30 Aug.
- Crypto giant Binance struggles in Europe. The Netherlands and Belgium have barred it, Germany hasn’t issued it an operating license and French prosecutors are investigating it. Binance’s share of euro-denominated crypto trading has fallen to about 15% from over 30% in January, according to research firm Kaiko.
- BlackRock CEO Larry Fink says Bitcoin could ‘revolutionize Finance’. He alluded to the properties of tokenization of assets and securities and an international hedge against inflation.
- Infrastructure overtakes NFTs/Gaming as the most popular destination for crypto venture capital (VC) In June 2023. According to data from The Block Research, the NFT/Gaming sector had topped the leaderboard for 23 months since June 2021. Ongoing bear market conditions have prompted investors to focus on foundational projects/companies.
Our best strategy for the moment is to take at least 1-3 years in Moderate Portfolio because it has a good defense with 50% Fixed Deposit , 30% In DCD and 20% in Staking. After all, we still have potential returns in DCD and Staking, especially in BTC.
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